Construction starts rise again in July

By: David Winzelberg August 30, 2018Comments Off on Construction starts rise again in July

The number of New York-area construction starts continued to climb last month compared with a year ago, as building in both residential and nonresidential sectors increased.

There was more than $4.85 billion in construction starts in the New York area in July, 54 percent more than the $3.14 billion in construction starts recorded in July 2017, according to the latest report from Dodge Data & Analytics.

Residential starts slightly outpaced nonresidential starts in July. There was more than $2.426 billion in residential building starts last month, 50 percent more than the $1.61 billion in starts a year ago.

Nonresidential construction also moved ahead in July. There was $2.423 billion in nonresidential building starts last month, up 58 percent from the $1.53 billion in nonresidential starts recorded in July 2017.

So far this year, total building starts are up 15 percent year-over-year, climbing from $22.87 billion in the first seven months of 2017 to $26.19 billion in the first seven months this year. There’s been a 23 percent increase in residential construction, rising from $10.2 billion in the first seven months last year to $12.59 billion so far this year. Meanwhile, nonresidential construction starts are up 7 percent this year, rising from $12.66 billion in the first seven months of 2017 to $13.6 billion in the first seven months of 2018.